Under a property policy all of the following statements are correct about a mortgagee except the mortgagee is entitled to an additional 10 days written notice of policy cancellationThe mortgagee is entitled to an additional 60 days to file a claim if the insurered has not done so.The mortgagee is considered an additional interest under the policy declarationThe mortgagee is entitled to coverage in excess of policy limits

Answered: gee except the mortgagee is entitled…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Under a property policy all of the following statements are correct about a mortgagee except

the mortgagee is entitled to an additional 10 days written notice of policy cancellation
The mortgagee is entitled to an additional 60 days to file a claim if the insurered has not done so.
The mortgagee is considered an additional interest under the policy declaration
The mortgagee is entitled to coverage in excess of policy limits

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Mortgagee refers to an individual who is called as lender who give for provides money as a form of loan to a borrower so that they can purchase real estate for a desired period of time.

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